Claiming expenses as a freelancer

“Income from Business and Profession” covers income earned from freelancing work under the Income Tax. Freelancers can claim expenses incurred on such income while filing their ITR. Freelancers/ Professionals also have an option to opt for the presumptive taxation scheme under the income tax act.

Following are the Expenses that can be claimed:

• RENT
• REPAIRS
• OFFICE SUPPLIES
• ELECTRICITY
• FUEL EXPENSES
• MEMBERSHIP FEES 
• ADVERTISEMENT EXPENSE
• BOOKS, MAGAZINES, REFERENCE MATERIAL
• TRAVELING EXPENSES
• DEPRECIATION

To know more read our blog here.